IRS Plans to Contact Businesses and Individuals Who Are Not Reporting 1099-K Income
Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Service (IRS) that it was losing billions of dollars in tax revenue due to unreported and underreported 1099-K income. A report released on December 30, 2020, explained the methods […]
Due to the devastating nature of the wildfires currently raging in California, the Internal Revenue Service (IRS) has extended most tax deadlines for people and businesses in affected areas to January 15, 2021.
Who Qualifies for Tax Extensions in California?
To qualify for the […]
Efforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried […]
Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is […]